A high-profile five-member panel to oversee an historic review of funding of the nation's schools has been announced.

It's been billed as one of the most important chapters in the history of schools funding in Australia. The government's promised review into the funding of schools is gathering steam with the announcement that chancellor of the University of NSW, David Gonski, will head its panel. The five member expert panel will also include Ken Boston, the former director-general of the NSW Department of Education and Training; Carmen Lawrence, former federal minister and Premier of WA; Kathryn Greiner, former deputy chancellor at Bond University; and Peter Tannock, noted international educationalist and...